Statement 1: Bank money is legal tender money.
Statement 1: Bank money is legal tender money.
Statement 2: Bank money is repayable by the banks on demand.
Alternatives:
(a) Both the statements are true
(b) Both the Statements are false
(c) Statement 1 is true and Statement 2 is false
(d) Statement 2 is true and Statement 1 is false
Anurag Pathak Changed status to publish December 15, 2023
Ans – (d)
Explanation:-
Assertion (A) is false
Bank money is not a legal tender money. It is an optional money as it can be refused in settlement of any financial obligation and liabilities.
It depends on the acceptor whether he wants to accept it or not.
He is not obliged by the government to accept it.
Reason (R) is true
Bank money includes cheques, and demand drafts that are repayable by the banks on demand. for example, depositors can withdraw money by issuing a self-check to the bank.
He also can issue a cheque to other people. the bank would repay the money against the cheque.
Anurag Pathak Changed status to publish December 15, 2023
